TY - GEN A1 - Schnellenbach, Jan T1 - Model Uncertainty and the Rationality of Economic Policy T2 - Journal of Evolutionary Economics N2 - This paper examines the process of economic policy-making under conditions of model uncertainty. A median voter model is introduced in which the electorate is uncertain of the policy measures available as well as their respective outcomes and opinion formation is a social process of communication and contagion. Learning from experience is also considered. It is shown that economic policy-making under uncertainty produces novel policy routines, but that a mechanism of efficiently utilising the generated knowledge is missing. KW - Economic policy KW - Model uncertainty KW - Collective beliefs KW - Collective learning Y1 - 2005 U6 - https://doi.org/10.1007/s00191-004-0231-y SN - 0936-9937 VL - 15 IS - 1 SP - 101 EP - 116 ER -